Glitch Caused by Massive Data from Merrill Lynch: TSE Report
Tokyo, Oct. 23 (Jiji Press)--The Tokyo Stock Exchange concluded in a report released Tuesday that a system glitch that occurred at the TSE earlier this month was caused by massive data sent to the exchange through Merrill Lynch Japan Securities Co.
The report was submitted to the Financial Services Agency the same day.
The exchange also said its president, Koichiro Miyahara, will have his pay cut by 10 pct for one month to take the blame for the system failure.
According to the report, the glitch happened at one of four channels connecting 90 brokerage firms with the exchange at 7:31 a.m. on Oct. 9 (10:31 p.m. on Oct. 8 GMT) due to heavy loads of data sent from an overseas high-frequency trading firm, a client of Merrill Lynch Japan, during its routine morning operation to confirm communications status.
The amount of data sent through Merrill Lynch was some 1,000 times larger than the ordinary level.
[Copyright The Jiji Press, Ltd.]